Ireland: Irish Revenue updates FAQs on country-by-country reporting

Ireland: Irish Revenue updates FAQs on CbC reporting

Irish Revenue in October 2016 updated a list of “frequently asked questions” (FAQs) to provide clarifications and new material in relation to the following three areas concerning the country-by-country (CbC) reporting obligations of taxpayers:

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Notifications to Irish Revenue are to be made electronically by 31 December 2016 (for groups with calendar year-end, so that the notifications must be made on or before the last day of the period to which the CbC reporting obligation relates); a step-by-step guide about how to file the notifications is provided in an appendix to the FAQs.

Rules for voluntary, early filings by foreign resident parents are clarified—Irish Revenue has confirmed that when an ultimate parent of a multinational group files a CbC report for 2016 on a voluntary basis in its country of residence, and provided a number of conditions are met, Irish resident subsidiaries will not have a secondary reporting requirement in Ireland for 2016.

Investment funds—Irish Revenue has adopted an approach consistent with the OECD recommendation that investee entities are to be included in the fund's CbC report if that investee entity is consolidated with the fund for accounting purposes.

Read an October 2016 report prepared by the KPMG member firm in Ireland: Country-by-country reporting

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